Banks

US toymaker Hasbro is to take up on $3.6bn new debt to buy media company Entertainment One, acquiring porcine superstar Peppa Pig, among other brands, if rival bidders don’t scupper the deal. Hasbro may choose to pay a make-whole price to Entertainment One’s bondholders, who bought the company's issue less than three months ago, a research company predicts.

Europe's corporate bond market opened emphatically for business on Tuesday, as seven issuers banished all memories of the summer holiday. Despite there being plenty of choice for investors, demand was high across the board. Multiple deals were two to three times oversubscribed, while the largest, a €3.5bn four trancher from Siemens, the machinery maker, was nearly 4.5 times covered.

The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday.

A trio of European agencies and a supranational all priced taps at the long end of the Kangaroo curve last week, with tenures ranging from nine to 12 years. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of the global bond rally.

HSBC France and Svenska Handelsbanken avoided issuing senior bonds at negative yields in a busy new issue market on Tuesday, but bankers said it was only a 'matter of time' before someone takes the plunge below 0% with an unsecured deal.

ArcelorMittal, the steel company headquartered in Luxembourg, has amended and extended a $1bn revolving credit facility via its US business.

US online booking company Booking Holdings has signed a $2bn revolving credit facility, with a slew of domestic and global banks joining the trade.

ING slapped a one year call option on a senior deal from its holding company on Tuesday — a practice that is rapidly becoming the norm for European banks considering how to meet their minimum requirements for own funds and eligible liabilities (MREL).

The UK Debt Management Office has announced that it is planning to reopen its 2054 Gilt through syndication in the week beginning September 9.

KBC only needed to offer a slim new issue premium to attract €2bn of demand for a new tier two bond this week. The deal pricing was squeezed by 20bp from initial price thoughts, resembling senior deals from other issuers.

François Jourdain is joining Deutsche Bank as head of treasury markets and investments.

Bawag was keen to alert investors on Tuesday to the imminent sale of its first non-preferred senior bond, which is expected to fit neatly alongside a similar deal from its Austrian peer Erste Group.